Credit Card Fraud And What To Look Out For
Credit card fraud is no new thing and if you ask around you will possibly find at least one person you know who has been the victim of such a crime. And no, its not all internet – based either. Often it will happen when you least expect it to, in restaurants and in stores and shops.
I have used my own credit cards on the internet thousands of times without any issues but even though I use my cards in stores and restaurants far less, I have been defrauded this way – in a gas/petrol station as a matter of fact. I will happily go on using my cards on the internet on a daily basis but would be more wary of using them offline.
So how can we be the victim of offline credit card fraud? Nothing new here – its called “skimming”. What is skimming? Its where, for example, you give your card to a waiter or waitress in a cafe or coffee shop to make payment. Shortly they return your card to you and you think nothing more of it. What has happened though is that the card has been “swiped” for payment, not once but twice. So your card details are now being stored in a magnetic card reader which can then be downloaded to a computer for use.
The only way to ensure that this is not taking place on your account is to make regular checks on your credit card statement. Its often the case that thieves will make very small transactions on your account so do go through your statement thoroughly and anything that just does not seem to add up you should query.
Banks and institutions do have in place much greater security measures and will also often compensate in full if you have been the unfortunate victim of fraud, but this is no reason for complacency. I did not receive any compensation due to some issues that are not worth discussing here, so its sensible not just to presume you will be fully compensated.
Here are a few pointers to help in reducing your credit card fraud potential:
- any thing other than your credit card statements or any other valuable document pertaining to your credit card you should shred or burn. Do not just simply throw it in the bin and presume it will be safely disposed of
- do not be taken in by phone calls asking you to verify credit card details over the phone as you may inadvertently be giving away all the information required to defraud you
- do not simply lend out your card to anyone, other than those you can really trust
- only carry the credit card or cards that you need and leave the rest in a safe place
- make sure not to simply leave any credit card slips lying or do not simply throw them in the local trash can
- keep your card receipts and check them regularly against your statements
- if you are moving home then do let your credit card company know well in advance of your move
Simple ways to keep your credit card safe and your money secure, so its just a matter of being aware and remembering just how easy it is to be a victim of credit card fraud.
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